BTC Clings to $105K as Traders Brace for Fallout From the Worsening Middle East Crisis

Bitcoin Price Update: BTC Hovers Around $105,100 Amid Geopolitical Tension

Bitcoin, the world’s largest cryptocurrency, is currently trading around $105,100 on June 14, marking a slight decrease of 0.22% over the past 24 hours. Traders are closely monitoring geopolitical tensions, which have been impacting market sentiment recently. Price action has been relatively stable, with Bitcoin moving within a narrow range of $104,220 to $106,135. The most significant price movements occurred during the Asian trading session, where Bitcoin briefly dropped below $104,200 before bouncing back on significant volume.

The recent volatility in the cryptocurrency markets can be attributed to escalating tensions in the Middle East. The ongoing conflict between Israel and Iran, which has the potential to spill over into other parts of the region, along with trade disputes between the US and its trading partners, has created uncertainty in risk markets. Following the initial wave of conflict headlines, more than $1.1 billion in crypto liquidations were recorded, but Bitcoin has demonstrated resilience in the aftermath.

Despite the short-term fluctuations driven by geopolitical events, traders are showing a bullish bias in the medium term. Bitcoin has been forming higher lows, indicating underlying strength in the market. Although profit-taking near $106,000 has limited the upside momentum, support around $105,000 continues to attract buyers during price dips. Market participants are closely monitoring this price range, especially given the intertwined dynamics of safe-haven demand and risk sentiment.

From a technical analysis perspective, several key points are worth noting:
– BTC traded within a range of $2,090, from $104,182 to $106,272, in the last 24 hours.
– A notable bounce occurred at $104,182, with 15,342 BTC traded during the recovery.
– Resistance has formed near $106,200 due to consistent profit-taking.
– A rising trendline of higher lows remains intact, indicating a bullish trend.
– Psychological support at $105,000 is currently holding firm.
– Recent price range has been between $104,875 and $105,202 in the last hour.
– A sharp dip below $105,000 at 07:19 reversed quickly, with $105,200 acting as near-term resistance.
– The final 15-minute candles showed minor exhaustion, but volume patterns suggest accumulation on price dips.

In conclusion, while short-term headlines continue to drive market volatility, the broader market structure indicates that Bitcoin is consolidating rather than undergoing a reversal. If support around $104,950 holds, we may see Bitcoin attempting another push above the $106,200 level in the near future. Traders are advised to closely monitor key support and resistance levels to navigate the current market conditions. Bullish Group, a leading blockchain and digital asset company, is majority owned by Block.one. Both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary under the Bullish Group umbrella. To ensure journalistic integrity, an editorial committee has been formed, chaired by a former editor-in-chief of The Wall Street Journal.

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